Fintech And Crypto Support Tax Growth Up To 58 Percent

Illustration (Photo: Doc. Antara)

JAKARTA - The Directorate General of Taxes (DGT) of the Ministry of Finance reports that the implementation of fintech and crypto tax levies is quite helpful in supporting state revenues.

Director General of Taxes Suryo Utomo said the fintech tax, which took effect on May 1, 2022, and began to be paid in June 2022, had succeeded in collecting revenues of IDR 74.4 billion domestically and IDR 32.8 billion from abroad.

Meanwhile, crypto taxes which also took effect in the same period collected amounted to Rp60.7 billion domestically and VAT by non-cash treasurer amounting to Rp65.9 billion.

"Fintech tax and crypto tax are part of the implementation of the Law on Harmonization of Tax Regulations (HPP) part of reforming government regulations," he said in a written statement quoted on Thursday, October 6.

Suryo explained, until August 2022 the overall tax revenue grew 58 percent year on year (yoy) to Rp1,171 trillion.

This figure consists of Rp661.5 trillion non-oil and gas income tax, Rp441.6 trillion VAT and PPnBM, Rp55.4 trillion in oil and gas tax, and Rp13.2 trillion in PBB and other taxes.

Meanwhile, all types of taxes experienced a positive net cumulative growth. PPh 21 grew 21.4 percent, PPh 22 imports grew 149.2 percent, PPh personal 11.2 percent, PPh Badan grew 131.5 percent, PPh 26 grew 17.2 percent, PPh Final grew 77.1 percent, domestic VAT grew 41.2 percent, and import VAT grew 48.9 percent.

Finally, from the impact of the adjustment of the VAT tariff starting April 1, 2022, there will be an additional VAT revenue of IDR 1.96 trillion in April 2022, IDR 5.74 trillion in May 2022, IDR 6.25 trillion in June 2022, IDR 7.15 trillion in July 2022, and IDR 7.28 trillion in August 2022.

"This excellent tax revenue performance in the January-August period was influenced by the trend of increasing commodity prices, expansive economic growth, low base in 2021 due to the provision of fiscal incentives, and the impact of implementing the HPP Law," concluded Suryo.